Definition(s)
Baseline Risk
The normal operating condition level of risk that takes into account existing risk mitigation measures.
Source: API RP 781 Security Plan Methodology for the Oil and Natural Gas Industries.1st Ed. September 2016. Global Standards
Baseline Risk
Current level of risk that takes into account existing risk mitigation measures.
Source:API STANDARD 780, Security Risk Assessment Methodology for the Petroleum and Petrochemical Industries, First Edition, May 2013. Global Standards
Baseline Risk
Current level of risk that takes into account existing risk mitigation measures.
Sample Usage: Risk analysts for the locality calculated a baseline risk value before analyzing the risk reduction potential of two alternative strategies.
Annotation: Often, the word ―risk‖ is used to imply ―baseline risk‖ with the unstated understanding that the reference is the current circumstances. It should not be confused with risk as a measurement, which can change with the substitution of different variables.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance